TORONTO, March 24,
2022 /CNW/ - BlueRush Inc.
("BlueRush" or the "Company") (TSXV: BTV)
(OTCQB: BTVRF), a leading personalized video Software as a Service
("SaaS") company, today announced its financial results for
the three and six-month periods ended January 31,
2022 ("Q2 2022").
"We are delighted with the way the first half of the fiscal year
has started for BlueRush. We continue to see acceleration in terms
of new contracts including our first TELCO and UTILITIES customers.
We had expansion from our existing customers and contribution from
our growing partner network. Furthermore, we saw an increase in
both services revenue and profitability," said Steve Taylor,
CEO of BlueRush.
The quarter included a number of significant growth and progress
in every important metric:
- Year-to-date total revenue increased by 36% or $614,779 from $1,727,786 in Q2 2021 to $2,342,565 in Q2 2022.
- Committed ARR (CARR) of
$3,072,614 as at January 31, 2022, as compared to $2,357,494 as at January
31, 2021.
- Year-to-date gross profit increased by 71% or $713,968 from $1,009,237 in Q2 2021 to $1,723,205 in Q2 2022.
- The Company achieved SaaS revenue for the six months ended
January 31, 2022 of $1,121,962 up 16% or $152,822 compared to the first six months of FY21
of $969,140.
- Services revenue increased by 61% in both the three and
six-month periods ended January 31,
2022 to $649,247 and
$1,220,603, respectively, compared to
the same periods in the prior year.
- Services gross profit came in at $403,920 for Q2 2022, increasing by 198% or
$268,225 from $135,695 in Q2 2021. Year-to-date services gross
profit increased by 228% or $495,553
from $216,965 in Q2 2021 to
$712,518 in Q2 2022.
- Subscription and support gross profit % continued to increase
reaching 90% in Q2 2022 compared to 82% in Q2 2021.
- The Company achieved positive Net Dollar Retention (NDR) in Q2
2022:
-
- NDR is a significant sign of health in the business and is an
indicator that the Company is growing before the addition of new
customers.
- Management attributes the continued success in growing the
Company's customer base to the Company's investment in a dedicated
customer experience management team and the excellent results they
have achieved.
Subsequent to Q2 2022, the Company made a couple of important
announcements:
- The Company announced it is working towards a brokered
financing of up to US$5,000,000 (not
including the agent's over-allotment option):
-
- units offered at US$0.05 per
unit
- each unit consists of one common share and one-half of one
share purchase warrant, with each whole warrant exercisable at
US$0.075
- for US investors, the financing is being led by a US-based
broker dealer
- included as part of the maximum raise, BlueRush is accepting
subscriptions by Canadian investors at $0.064 per unit with whole warrants exercisable
at $0.096
- The Company announced inclusion into the Brightcove marketplace
– the Brightcove partnership creates a significant sales
opportunity for BlueRush. Brightcove has approximately 10,000
enterprise customers who can benefit from the integration which
allows Brightcove users to quickly and easily add personalization
and calls to action to existing video assets stored on Brightcove's
Video CMS.
"We continue to grow and at the same time lay the foundation for
the business going forward. We have been able to increase our
growth rate while simultaneously lowering costs and increasing
gross margins," continued Steve
Taylor. "I could not be prouder of the team or more
grateful to our wonderful partners who are becoming a more and more
important part of our success."
Financial Results for Q2
2022
The Unaudited Interim Consolidated Financial Statements
and Management's Discussion and Analysis of Financial Condition and
Results of Operations for the three- and six-month periods
ended January 31, 2022 and 2021, have been posted both to the
BlueRush website at www.bluerush.com and on the SEDAR
website at www.sedar.com. The financial information included
in this news release is qualified in its entirety and should be
read together with the unaudited consolidated financial statements
and management's discussion and analysis for the three- and
six-month periods ended January 31, 2022 and 2021, including
the notes thereto.
About BlueRush
BlueRush develops and markets IndiVideo™, a disruptive,
award-winning interactive personalized video platform that drives
return on investment throughout the customer lifecycle, from
increased conversions to more engaging statements and customer
care. IndiVideo enables BlueRush clients to capture knowledge and
data from their customers' video interaction, creating new and
compelling data driven customer insights.
For more information visit https://www.bluerush.com.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward-Looking
Statements
Certain statements contained in this press release may
constitute "forward-looking information" as such term is defined in
applicable Canadian securities legislation. The words "may",
"would", "could", "should", "potential", "will", "seek", "intend",
"plan", "anticipate", "believe", "estimate", "expect" and similar
expressions as they relate to the Company, are intended to identify
forward-looking information. All statements other than statements
of historical fact may be forward-looking information. Such
statements reflect the Company's current views and intentions with
respect to future events, and current information available to the
Company, and are subject to certain risks, uncertainties and
assumptions. Material factors or assumptions were applied in
providing forward-looking information. Many factors could cause the
actual results, performance or achievements that may be expressed
or implied by such forward-looking information to vary from those
described herein should one or more of these risks or uncertainties
materialize. These factors include, without limitation: changes in
law; the ability to implement business strategies and pursue
business opportunities; state of the capital markets; the
availability of funds and resources to pursue operations; a novel
business model; dependence on key suppliers and local partners;
competition; the outcome and cost of any litigation; the general
impact of COVID-19 pandemic, as well as general economic, market
and business conditions, as well as those risk factors discussed or
referred to in disclosure documents filed by the Company with the
securities regulatory authorities in certain provinces
of Canada and available at www.sedar.com .
Should any factor affect the Company in an unexpected manner, or
should assumptions underlying the forward-looking information prove
incorrect, the actual results or events may differ materially from
the results or events predicted. Any such forward-looking
information is expressly qualified in its entirety by this
cautionary statement. Moreover, the Company does not assume
responsibility for the accuracy or completeness of such
forward-looking information. The forward-looking information
included in this press release is made as of the date of this press
release and the Company undertakes no obligation to publicly update
or revise any forward-looking information, other than as required
by applicable law.
Discussion on Non-IFRS Measures
and Key Metrics
The Company prepares its financial statements in accordance
with International Financial Reporting Standards ("IFRS"). However,
the Company may refer to a number of measures and metrics which we
believe are meaningful in the assessment of the Company's
performance including Contracted Annual Recurring Revenue
("CARR"). CARR is the subscription revenue of a
given period calculated as an annual run rate for all contracts
including those that were signed in the same period. Many of these
measures and metrics are non-standard measures under IFRS, do not
have any standardized meaning under IFRS, and are unlikely to be
comparable to similarly titled measures reported by other
companies. These measures, which it believes are widely used by
investors, security analysts and other interested parties to
evaluate its performance and may not be comparable to similarly
titled measures presented by other publicly traded companies, nor
should they be construed as an alternative to financial measures
determined in accordance with IFRS. Readers are cautioned that the
disclosure of these items is meant to add to, and not replace, the
discussion of financial results or cash flows from operations as
determined in accordance with IFRS. The purpose of
these non-IFRS measures and key metrics is to provide supplemental
information that may prove useful to readers who wish to consider
the impact of certain non-cash or uncontrollable items on the
Company's operating performance. Management uses both IFRS and
non-IFRS measures when planning, monitoring and evaluating the
Company's performance.
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SOURCE BlueRush Inc.